Millennials are entering the housing market and their priorities are very different from previous generations. As a result, many real estate agents are struggling to get in front of this segment and finding that their old methods of marketing and advertising aren’t working. Here are some tips from the real estate marketing and franchise leaders at Weichert.
- Millennials are often in big debt – If you haven’t been to college in the last 20 years you may not realize just how much student loan and other debt millennials have accumulated when they enter the working world. This, coupled with tough employment markets all over the country, make it more difficult for millennials to enter the home market than any previous generation. Thus your ability to lead your marketing with talk about flexible financing options and easy access to a robust local job market is going to make the average millennial stand up and take notice.
- Millennials will deal with small spaces: Small spaces aren’t a problem for these first-time buyers as long as the space is used in a smart or trendy way. Multifunctional office/guest room areas, compact but functional bathrooms and intelligently organized homes are very appealing selling points.
- Technology Rules: The millennial generation is mobile first, tech savvy and always online – so it’s important to use this to inform and attract your buyers. What Internet speeds are offered in this area, and at what costs? What is the cell reception like on the property and who are the local ISPs? Are there plans to upgrade tech services in the area? Does the home have any automation, structured cabling or Ethernet wiring? For the millennial, this information is as important as the physical assets of the property.
- Be online all the time: As a tech generation, the Internet is the first and probably the only source that millennials will turn to for listings. The use of online real estate marketing techniques is the way to reach them. Ensure all your listings are online, easy to find on your website and accompanied by essential details and high quality photographs. If your broker uses a mobile app, it should be free, fast, responsive and facilitate communication between you and your millennial buyer.
- Easy commute routes: In this sense, millennials are similar to everyone else in that ease of getting to their workplace is essential. One small difference in millennial thinking may have to do with greener options for commuting. Options related to busses and trains or trolley systems, even bicycle paths are likely to be more popular with this group and will make your property more attractive.
- Share your knowledge: Millennial buyers may be able to easily look up your listings and view them online, but like most first time buyers they have little working knowledge of the home buying process. Have information ready and on-hand for walking them through the process, understanding where the costs lie, how property loans work and any additional information. Presenting yourself as a specialist source of information boosts your credibility and helps them to understand what they can actually afford to buy.
Become the First Choice Real Estate Agency for Millennials
The Weichert Real Estate Franchise system is evolving continuously, informed by hundreds of brokers as well as industry and technology experts across the country. We know what works when marketing to millennials, and our system transforms these challenges faced by real estate agents into opportunities for growth and success. With proven training, tools and support, our specialist team is here to support brokers and drive lead generation, growth, technology and provide ongoing, up-to-date guidance.
For more information, please contact us today and see if a Weichert Franchise is a fit for your brokerage.